CPI Secondary Offering Priced at $21.50, Raising $50.3M for Selling Stockholders
PMTS has more than doubled off its 52-week low of $10.81 on elevated volume (2.4× avg).
Summary
Parallel49 Equity affiliates priced their secondary offering of 2.34 million CPI shares at $21.50, a 6.8% discount to yesterday's close. The selling stockholders will receive about $50.3 million before fees, with underwriters holding a 30-day option for 350,598 more shares. CPI itself gets no proceeds and its share count is unchanged, so the impact is purely on float and sentiment. The deal is expected to close September 14, and the discount suggests the sellers accepted a modest haircut to move the block quickly.
At the time of this announcement, PMTS was trading at $23.07 on NASDAQ in the Technology sector, with a market capitalization of approximately $310.6M. The 52-week trading range was $10.81 to $31.25. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: BusinessWire.